DDA launching scheme under Pradhan Mantri Awas Yojanaon 30th of June. 12,000 plus flats will be up for sale, majority of which were returned by the allottees of 2014.
“We will launch the housing scheme on June 30,“ said Udai Pratap Singh, Chairman of DDA. This is to avail subsidyon interest for a multitude of Delhiites.
“There are 10,000-plus flats in the LIG-one-bedroom category .The price range is between Rs 14 and Rs 30 lakh,“ said a senior official.The price of flats range between 7.5 lakhs to 1.44 crores depending on the location. Few of these fall under the category of single bedroom LIG-category.
“Under the scheme, eligible allottees can avail of subsidy on interest. The benefit will range between Rs 2.4 lakh and Rs 2.7 lakh. But only those allottees can benefit from CLSS who meet the income status and other criteria of the scheme,“ said JP Aggarwal, principal commissioner, housing and land disposal, DDA.DDA helping the people to avail benefits of Credit Linked Subsidy Scheme (CLSS), a key component of PMAY.
DDA introduction of a clause to attract only genuine buyers, a penalty of 25% to 100% of the earnest money to be levied.
Application for the flats demand pay of 1 lakh for LIG and 2 lakh for MIG HIG flats as earnest money. No penalty if withdrawal is before draw of lots.“But they will have to forfeit 25% of the amount if they surrender the flats within 90 days after the draw of lots,“ said Aggarwal. If surrendered within three months of time the person would lose 50% of the amount of earnest money.
After the scheme was launched in March, landing- owning agency decided to complete their pending projects providing basic amenities to people. This decision came up as an impact of complaints by Rohini and Narela in context of infrastructure.

With a capacity of about 30-50 million passengers a year this aviation port would be ready with 5-6 years easing the burden of ICI Delhi.
In the words of CREDAIChairman, Getamber Anand “ We welcome this decision. It was much awaited. A new airport in Jewar will increase economic activity in this area. There will be huge job generation “.
It will surely hail the property markets of Noida, Greater Noida and Yamuna Expressway. Getamber says for better connectivity between Jewar and Delhi. Metros to run upto Jewar. NAREDCO President Parveen Jain expecting rise in real estate investments. So did the Supertech Chairman, R. K. Arora says would increase demands in real estate sector.
Delhi-NCR is facing multiyear slow downthus resulting delay in completion of huge projects.
Civil Aviation Minister Ashok Gajapathi Raju gavrE clearance to greenfield airport at Jewar. About 3,000 hectares of land available for the project as per Yamuna Expressway Industrial Authority with a total of 15000-20000 crore expense.

Hotel associations are actively engaging central and state government officials in their push for a rollback of the 28% tax on hotels where tariffs top Rs 5,000. The Federation of Associations in Indian Tourism & Hospitality in a media statement said it is hoping for a GST rate of 18% for the industry as post the 28% rate, hotels with a tariff of Rs 5,000 and above will be 7% higher than the current average rate, and restaurants in five-star hotels will be 9.5% higher. According to a research by consulting firm HVS said that if one were to put aside other costs (such as service charge, municipal tax, cess etc) on an ‘apples to apples’ comparison, not a single state (in India) was levying such a high tax on its guests as will now be the case with this new tax regime.

In a major move against financial fraud, the Enforcement Directorate has issued eviction notices to 50 properties in Jaipur and Udaipur in connection with the multi-crore Syndicate Bank fraud. The list includes 39 offices at the World Trade Park mall in Jaipur. These premises will have to be vacated within 10 to 15 days, after which the ED will take possession of listed properties. The official said that apart from 39 offices in WTP mall, the ED will also take the possession of properties in Udaipur, which include six commercial and five residential premises.

After a Right to Information (RTI) application revealed huge losses to the exchequer due to land leases given at throwaway Pre-Independence era rates, Information Commissioner Yashovardhan Azad has given six months to the government to sift through records and make public details of all properties leased out by government of India, name of lesees, type of lease (private or institutional, tenure of lease, whether lease as expired and if the tenant is still occupying property after expiration of lease. The information has to be put up for disclosure by November this year.

The allottees were allotted plots under the residential plot scheme of 2009, but could not get possession apparently due to farmer agitations despite repeated promises and assurances by the Authority. YEIDA has decided to reduce the interest rate being charged to them on the instalments from 12 per cent to 10.65 per cent. The move will benefit most allottees that have paid almost 90 per cent of their total amount. Those allottees who have already paid up to 75 per cent of the total land rate can deposit the money till September 30 without any penal interest and they have already paid the penal interest, it will be adjusted in their pending instalments.

The committee of 10 officials from the Centre and states has been constituted following a direction from the PM’s Office, which had asked the housing ministry to work on this in consultation with the Labour Ministry. The panel will submit the report within three months. According to government reports, nearly Rs 25,500 crore was as collected as construction cess till 2015 for the welfare of the construction labourers and those working in kilns, but barely Rs 5,367 crore was spent from this kitty. Even the Supreme Court had earlier blasted both Centre and state governments for sitting on this fund.

Sources privy to the development shared with TOI that, “We have been asked to prepare an action plan for the entire year on all these parameters- illegal constructions, affordable housing and implementation of RERA across state. Though the earlier state government had made certain amendments in the RERA, the new government wants the Act to be implemented in its original spirit as notified by the Centre.” RERA will help allottees get possession in scheduled time and will also bring an effective control on illegal constructions while also take action on the offenders.

A 24-hour notice is all that’s needed for the PMRDA to pull down illegal, under-construction structures. This is according to the latest amendment to the Maharashtra Regional Town Planning Act. There are 1,650 structures that cannot be regularized. Among these, the under-construction buildings will be dealt with first before the remainder are assessed. Officials say that we would specially survey the metro route and ring road project areas, and take action against any such illegal constructions that will hamper these projects.

The first bench comprising Chief Justice Indira Banerjee and Justice M Sundar, before which social activist Traffic Ramaswamy made a mention and highlighted the fact that officials and the minister concerned had blamed the issue on pending court cases, made the monitoring committee also a party to the case. Earlier, Traffic Ramaswamy mentioned the matter and said that it was the negligence and failure of the officials concerned to take action on violators of illegal constructors. Besides seeking action against the owners of the building, he wanted transfer of state housing secretary who was continuing in the same post for more than five years now.

In a move that will encourage banks to lend more for housing in large cities and make high value home loans cheaper, RBI has reduced the risk weightage on home loans above Rs 75 lakh to 50% from 75% earlier. In its monetary policy review, the RBI retained the repo rate at 6.25% and the reverse repo rate at 6%. It has also reduced the statutory liquidity ratio. Considering the importance of the housing sector and given its forward and backward linkages to the economy, it has been decided as a countercyclical measure, to reduce the risk weight on certain categories. It has also been decided to reduce the standard asset provisioning on such loans.

According to the property consultant Cushman and Wakefield, the city witnessed 1,849 residential units being launched in the first quarter (Jan-April) of 2017, which shows a dip of 32.54% as against 2,741 units launched in the preceding quarter (Oct-Dec 2016). Officials say that most of the developers have chosen to register their projects and comply with all the requirements under the RERA first and then launch their new projects. This is the trend that we are witnessing not just in Ahmedabad but across the country.

Parkala Prabhakaran, Communication Advisor to the Andhra Pradesh government in a media statement shared that, “There is a lot of unrest among the low-income group people who want to build houses. Also, several government projects are lined up which will create a huge cement demand. The Chief Minister is very concerned about the steep price rise and has asked the group of ministers to act tough on them. According to media reports, current cement prices in the south have risen at a faster rate from `200-250 per bag in March.

The country’s top eight cities witnessed residential launches of approximately 25,800 units in the first quarter of 2017, registering a 16 percent decline from the corresponding period last year. A closer look at the trend indicates that launches have seen a steady quarter-on-quarter decline for the last four quarters, corresponding with the announcement of RERA 2016 in March last year and the demonetisation exercise in November 2016. Launches in the residential sector have declined by about 8 percent during the period April 2016 to March 2017 compared to the same period in 2015-16.

Data from property consultant Cushman & Wakefield show that residential housing across Bengaluru, Chennai and Hyderabad received 1,860-crore funding from private equity and non-banking finance companies in the first quarter of 2017, a big jump from 630 crore in the first quarter of 2016. Rajeev Bairathi, Head, Capital Markets, Knight Frank India in a media statement said that price erosion is minimal in a market like Bengaluru and whenever the real estate sector will turn around, it will be the first one to do so. The residential asset class took predominance across the southern cities, accounting for a large share in residential investments.

The NGT had earlier refused to stay the Environment Ministry's December 9 notification, which had exempted building and construction projects of all sizes from the process of environmental impact assessment (EIA) and prior environmental clearance before beginning construction. For smaller projects (less than 20,000 sq m) it even has a "self-declaration" clause, which will ensure issuance of permission from urban local bodies. For larger projects of more than 20,000 sq m size, the EC and building permission will be given by urban local bodies simultaneously in an "integrated format"

If a taxpayer makes a profit on sale of a residential house he/she has held for two years (the 2017-18 budget has reduced the holding period from the earlier three years), it is treated as an LTCG, which is taxable at 20% with an adjustment for inflation, referred to as indexation benefits. This decision relies on a principle set by the Supreme Court that the date of payment in case of a cheque is its date of delivery. On encashment by the recipient the payment is complete, but it relates back to the date of handing over of the cheque (or delivery date).

Land acquisition has been one of the focus areas of NHAI and road ministry since any expansion of the existing stretch requires additional land. Ministry sources said since the compensation rate has gone up because of the 2014 law, now there is less resistance from the people. On an average, overall pace of acquisition has increased by 40 per cent. As many as 13 state treasuries are making big gains, thanks to the NHAI. Government officials say that the States also have their issues and in most cases the decision has been taken by the Cabinet. We are hopeful of finding a solution!

Mapping the job potential, the paper found that on the employment base of 45.4 million in 2013, the building, construction and real estate (including infrastructure) would require 31.1 million incremental human resources. The sector has been the worst-hit because of multiple factors, including high level debts and non-performing assets, delays in the delivery of housing projects, and environmental and regulatory hurdles. Experts say that we need to get these issues out of the way in a manner that it becomes a robust engine of job creation and economic growth.

People in the income range of Rs 6 – 12 lakh per annum can avail 4% interest subsidy on a house of area up to 90 Square meters. Those with higher income from Rs 12 – 18 lakh will get 3% subsidy in interest on up to 110 Square meter area house. The Board announced that the entire interest subsidy can be availed for maximum loan tenure of 20 years. The board will be extending this offer under the Credit Link Subsidy Scheme in which people of different income groups will be given subsidies on interest of home loans on a first come first serve basis.

The demand for industrial plots in the state is seeing a surge in the aftermath of the government's decision to do away with the system of allotting land on a 99-year lease condition through the KIADD (Karnataka Industrial Areas Development Board). It is also because of recent reforms undertaken by the KIADB in allotment of industrial sites and land for investors in tune with the guidelines followed under ease-of-doing business. KIADB officials said there has been a steady increase of 15%-20% in applications for industrial plots during the past two months.